BRITISH TRADE WITH RUSSIA.

New Zealand Herald, Volume LXIX, Issue 21115, 24 February 1932, Page 12

BRITISH TRADE WITH RUSSIA.

Sir, —"Free Trade." in his original letter on this subject said, "'The very act of exporting to Britain opens a market somewhere for equivalent goods from Britain." During the war, and .since, other countries exported to Britain thousands of millions of pounds worth more than Britain has exported. Now, according to "Free Trade," there should have been many years during which Britain must have exported more than she imported, to furnish the "equivalent" for the vast trade balances against Britain during the war. But that is not the case, although there have been 13 years since the war was finished in which this "market somewhere" should have responded. There has been no year since when Britain's imports have not largely exceeded her exports. In the three years, 1928. 1929 and "1930 alone, she imported over 1100 million pounds worth in excess of her exports! For those, three years the estimated value of her invisible exports (shipping) was only £365,000.000. So she is paying the difference from her interest on investments, and from capital, and the

"market somewhere" has not found one penny piece of it. 231, Parncll Road. J. Thornes.